| SF Real Estate Buzz - Prop B Info for Sellers of 2 units and up | July 19th, 2006 |
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This text comes from a recent SF Associationi of Realtors (SFAR) newsletter: As REALTORS® will remember, Proposition B makes it unlawful for a landlord when offering a property for sale that includes two or more residential units to knowingly fail to disclose in writing to any prospective purchaser: The specific legal ground(s) for the termination of the tenancy of each residential unit to be delivered vacant at the close of escrow; and… Whether the unit was occupied by an elderly or disabled tenant at the time the tenancy was terminated. The drafters of Proposition B originally contemplated that the disclosure required by the proposition would be required in all marketing material and advertising. But in view of the myriad of ways properties can be marketed today and the practical problems associated with making the disclosure to any prospective purchaser, the text of the proposition was changed before it was placed on the ballot to create a “safe harbor” for compliance. The “safe harbor” language reads as follows: “Any disclosure that is made on a flier or other document describing the property which is made available to prospective purchasers at each open house and at any tour through the property will constitute compliance with the disclosure requirements of the ordinance.” Proposition B does not provide any guidance as to how the disclosure is to be made “available” or which individuals are to be considered “prospective purchasers.” But, given this uncertainty, here’s how the Association believes REALTORS® representing sellers should comply with the Proposition B disclosure requirement: Use the attached multi-purpose disclosure note- make sure your Realtor has this to comply with San Francisco’s two eviction disclosure laws. The two laws provide as follows: Prior to entering into a contract for the sale of any property consisting of two or more residential units, it shall be unlawful for a landlord to knowingly fail to disclose in writing to the buyer the specific legal ground(s) for the termination of the tenancy of each residential unit to be delivered vacant at the close of escrow. The attached multi-purpose disclosure has three parts: (1) The landlord’s disclosure; (2) The text of Proposition B, as well as the text of the vacant unit disclosure ordinance passed in 2002; (3) An agent’s acknowledgement for use in documenting that the form was made available at all open houses and property tours. Use a separate disclosure for each residential unit to be delivered vacant at the close of escrow. To address the vagueness of the proposition’s “made available” language, and out of an abundance of caution, either: Post the required disclosure in a conspicuous location in the property for sale at each open house and any property tour; or Place the required disclosure in a disclosure binder in a conspicuous location in the property for sale at each open house and any property tour. By proceeding in this manner, the disclosure will be made available to everyone who enters the property, hence to any “prospective purchaser.” Members seeking specific advice regarding Proposition B should consult with a qualified attorney. |
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Unless you are selling a building with 2 units or more, I suggest you skip this post. What follows is dry as toast.| How Safe is Your Neighborhood ? Plus Market Update | July 8th, 2006 |
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The program is super intuitive to use and is great if you’re concerned about police activity around a property you’re interested in. Cruise through the pages, complete the auto-fill-ins and you’ll get a snazzy map with color coded dots that show you exactly what kind of crimes have been reported within a specified radius. My clients and I used it to research a location at 5th and Shipley in the South of Market area. The location looked a little sketchy, and when we checked out the intersection on CrimeMaps, we found within the past 60 days that there was one assault and a number of auto break-ins and vandalism incidents (broken windows). That sounds kind of nasty until you compare it with a better area, like where my client’s current office is at Mason and Pacific. That location offered up fewer reports of car break-ins and vandalism, but had an assault and an armed robbery within the past two months. Nota Bene:CrimeMaps works with IE 5.5 or higher. I also found that the site works best if you put in an intersection rather than a specific address. Another link on the site offers contact info for the chiefs of each police station. If you want further research you can also ask for the Crime Maps Specialist at each station. The actual link to CrimeMaps is http://www.sfgov.org/crimemaps dontcha’ love how the City makes these kinds of things so easy to remember? ************************************** So how’s the market right now? Well, it feels like all the buyers are sitting around the edge of a pool waiting to see who will jump in first. Then the first one takes the plunge and the others are left standing there, feeling like they should have gone first. The bottom line is that I’m seeing lots of bargains out there with buyers doing nothing but circling around without making a move. I can’t tell you how many times I’ve heard listing agents say “There’s lots of interest and people say they’re going to write, but I don’t have an offer yet.” An exception to this rule is single family homes in entry-level neighborhoods like Sunnyside and Mission Terrace. I heard of one house in Sunnyside recently listed for $775,000. It received multiple offers and went for over $800,000. ***************************************** So my listing at 130A Langton sold in a hot minute right after we reduced the price from $569,000 to $539,000. I recommend being ready to move quickly on the good stuff—when it’s well-priced, it can go fast. However, there is word of another listing in the same building coming up on the front side. The floor plan is identical —tri-level with a deck that I think will offer some nice skyline views. This side of the building also gets better light. Call me if you want more details and I’ll fill you in. Contact me if you want the scoop on where I think the best buys are right now. It’s a great time to make a move before a possible bounce in prices this September—the beginning of fall always seems to bring out more buyers and thus change the supply/demand equation. And remember, there’s no such thing as a stupid real estate question! So don’t ever be afraid to call for advice—even if we’ve never spoken before, I promise I won’t bite! I look forward to delivering more market updates soon! |
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Hello My Favorite People!Wanna’ know how safe your neighborhood is? You can find out with a cool online program I found on the City’s website called “CrimeMaps,” created to allow people with an interest in public safety to easily produce maps and reports of incidents from data contained in SFPD police reports.
